Seeger Weiss LLP founding partner Stephen Weiss is quoted in continued coverage of the Madoff investment fraud. The article concerns Walter Noel, the manager of one of the investment companies linked to Madoff, Fairfield Greenwich Group. Lawsuits filed against Fairfield Greenwich Group allege that they failed to adequately scrutinize Madoff’s investing while pocketing millions in broker fees.
Stephen Weiss comments, “there are many compelling reasons why federal authorities should investigate entities like Fairfield who oiled the Madoff capital machine. It seems evident that they were either complicit or grossly negligent in not undertaking due diligence that would have uncovered the scheme. Of course, I can think of several hundred million reasons why Walter Noel was incentivized to look the other way.”